Initial findings about downtown market study released

Posted at 7:50 PM, Jan 24, 2018
and last updated 2018-07-24 21:31:24-04

On Wednesday, an economic development firm presented its initial findings on a downtown Waco market study.

The consultants explained to the Tax Increment Financing Zone Board for Zone One, the downtown area is growing at a faster rate since 2010. 

In addition, the study revealed rental house and retail have a strong momentum and that the Magnolia Market is attracting home decor and home furnishing stores.

However, the consultants told the TIF board members, the city lags behind on office space.

"I think the study's findings validate the work that the TIF has done at this point," City Center Waco Executive Director Megan Henderson. "It's encouraging a pivot toward some different kinds of uses. They're really saying, it's time to kind of dig in and look at the office and incentivizing office and that they're also talking about really staking a claim in the arts and entertainment and creative landscape."

The TIF board, which is an advisory board for the City of Waco, has helped with the redevelopment of the downtown area by recommending the city to use TIF funds for several projects. TIF funds come from property tax revenue from areas, such as downtown, that is over a base value set by local taxing entities.

The final findings aim to allow city leaders to know ways to attract more people to the downtown area.

The study is expected to be completed next month or in March.

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